EGYPT – Glint, a boutique consulting and investment firm, has announced the first close of its second venture fund.
With an initial close of US$3 million, anchored by the Wadi Degla Group, Glint’s new fund will focus on supporting startups through its proprietary venture studio model.
Glint Fund II seeks to support innovative entrepreneurs in building disruptive, tech-based Egyptian companies with the capability and mandate to penetrate the regional and international markets. It aims to invest between the Seed and Series A stages, with tickets ranging from US$250,000 to US$500,000.
Glint was founded in 2018 by Tarek Aboualam and Youssef Helmy, who have previously supported several Egyptian startups such as Darwinz.ai, Iqraaly, Wasla, Kashier, and Filkhedma.
Tarek Aboualam, Managing Partner at Glint, explained that the firm’s Venture Studio model provides startups with an ecosystem that combines funding with extensive business, operational, and technical resources, and support to enter the regional market.
Since its establishment six years ago, Glint has helped build many bright businesses, such as Darwinz.ai, Iqraaly, Wasla, Kashier, and Filkhedma.
“Glint’s second fund represents an important step to develop further our ecosystem, which is designed to support Egyptian tech-based startups looking to penetrate the regional and international markets,” said Tarek Aboualam, managing partner at Glint.
“Glint’s Venture Studio model is designed to provide much more than just capital; it provides an integrated platform offering business, operational, and technical support and access to the regional market.
“We are thrilled to start working with our new LPs and to continue working with our returning investors.”
Egypt’s startup ecosystem is one of the strongest in North Africa, ranking among the top 100 globally, thanks to increased VC funding and startup-related policies in recent years.
The presence of tech incubators and global accelerators has significantly impacted the growth of the technology sector.
“Investing in startups that redefine and disrupt markets is more than just financial input; it’s about building a foundation for continuous innovation and significant regional growth,” added Youssef Helmy, General Partner at Glint.
“The fund focuses on digital and disruptive industries, planning to make significant inroads into AI, fintech, and other cutting-edge technologies.”
According to the country’s FinTech Landscape Report 2023, fintech and fintech-enabled startups and payment service providers (PSPs) received a total of US$796.5 million in funding.
Private equity investments amounted to US$437.7 million, while venture capital investments totaled US$358.8 million.
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